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CNBC
Nov 28, 2012 3:00pm EST
fall under simpson-bowles just in the year 2015, starting with drug rebates under medicare part d. that money would come from the drug companies themselves, likely $6 billion just in the year of 2015. a change in inflation measure, that means that beneficiaries of medicare and medicaid might get less money going forward. that's $3 billion. cuts in farm subsidies, that's big. those guys would lose $3 billion that year. eliminating the in-school interest subsidy for student loans. that's a popular one for those folks who have taken out student loans but who are still in school. that would be a big hit, again, to those people taking student loans. clearly, there are going to be some unpopular political choices here. there's a lot of stuff that's very unpopular politically already in the simpson-bowles plan, which is what a lot of people here in washington are talking about as a starting point. don't forget, there's another very difficult conversation still to come, guys. >> no doubt, eamon. thanks so much. meantime t our next guest is one of the fix the debt ceos and wants more focus
CNBC
Nov 27, 2012 3:00pm EST
congressman who's unwilling to make any cuts to social security and medicare. if more sign on to his way of thinking, are we sure to go over the fiscal cliff? >>> defense companies are hoarding cash ahead of the fiscal cliff as well. could they be the next companies to reward shareholders with big, special dividends, or are they worried they'll need the cash because a bad storm is approaching courtesy of the fiscal cliff? back in a moment. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 depos
FOX Business
Nov 26, 2012 11:00am EST
know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they cover some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. call today to request a free decision guide to help you better understand medicare and whh aarp medicare supplement plan works best for you. with this type of plan, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. there's a range of plans to choose from, too. and they all travel with you. anywhere in the country. join the millions who have already enrolled in the only medicare supplement pla endorsed by aarp, an organization serving the needs of people 50 and over for generations... and provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. call today. remember, all medicare supplement pla
MSNBC
Nov 27, 2012 2:00pm PST
in entitlement programs like social security and medicare. joining me is a liberal senator from rhode island, senator sheldon whis whitehouse of rhode island. you're smiling but i don't know whether it's in delight you're going to be a holdout. a friend of mine, frank sullivan, regularly tells me about the unemployment situation in your state, the need a lot of seniors have to have rely on medicare and medicaid and social security. is that going to be your position. no deal if it involves those programs? >> well, i think the president has already said that social security should be outside of this discussion. it has not contributed to the deficit, and it shouldn't be part of the discussion. i think the press office said that the other day. we completely agree with that. we should set social security aside. it is solvent for decades and by simply kicking in the social security tax above $250,000 you can make it solvent or decades more. so that's less of an issue i think in reality than it is in the long time republican desire to attack it whenever they can. remember, this is a party that trie
FOX Business
Nov 27, 2012 1:00pm EST
average star rating among national medicare companies... and become the first and only naonal medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result n the quality of care and service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter mos i love you, grandma! [ male announcer ] humana. ♪ >> i'm liz macdonald with your fox business brief. it is a mixed afternoon on wall street. the dow is down 25 points to 12,942. consumer confidence climbing to nearly five-year high as americans become more optimistic about the outlook for the u.s. cone my. the conference board november reading coming in better than expected at 73.7. that is highest reading since february 2008. >>> small business saturday is starting to draw more shoppers nationwide that want to spend holiday dollars at local stores. according to the nfib and american express, five 1/2 billion bucks of the total thanksgiving weekend sales were small business saturday related. president obama is meeting with small business owne
CNBC
Nov 28, 2012 5:00pm EST
the entitlements of medicare and social security which are so explosive in their costs. >> all right, john, thanks a lot for giving us the latest there. john harwood from the white house. and of course, as ceos come walking out of that meeting, we'll bring you the latest from there. >>> fear of gridlock in d.c. causing a big exodus in stocks. $9 billion flowed out of u.s. equities last week, the biggest outflow this year matched only by the week before the presidential election. so is this rational behavior? or perhaps a lost opportunity here? and it's important to see where the inflows were too. the biggest inflows were to money market funds. and that is -- >> that's rash -- >> yeah, just go to cash. i'm cashing out. >> they may be costing you money to put your money in the mutual funds. and this is the problem because monetary policy has gotten in the way of fiscal policy. and in fact, if you look at today's market. today was all about monetary policy reversing course of the s&p when, in fact, all we should be talking about is fiscal policy and we can't get anything done. >> doesn't it stand to
PBS
Nov 26, 2012 4:30pm PST
's most popular programs. >> medicare is clearly in the gunsights. >> reporter: it's possible congress and the president could agree to save $300 to $400 billion from medicare by cutting fees for doctors and hospitals. but analysts worry slashing payments won't make the health care system more efficient. >> this is not really a way to structurally change medicare and if you don't change the underlying incentives, you don't get long-term savings. >> reporter: progressives at the center for american progress say the government could save close to $150 billion by squeezing the prices the government pays for drugs. but many of the president's allies reject the idea of aggressively raising co-payments for patients. and they also consider benefits based on a patient's financial situation a risky idea. >> if people want to ask the wealthy to pay more, the time to ask them to pay more is when they can afford it, which is to say when they are working, not when they are retired. so they way to do that is to ask them to pay a little bit more in taxes. >> reporter: the president and congressional
CNBC
Nov 28, 2012 4:00pm EST
, medicare and medicaid from any cuts in the friscal cliff negotiations. >> ceos meeting with president obama at the white house. that pow wow kicking off within the hour. >>> also ahead, this important story -- >> i plan to go to law school of a i graduated. looks like my folks won't have enough money to put me through college. >> well, the world needs ditch diggers too. >> student loan debt nears the $1 trillion mark. that's right. $1 trillion. new evidence college may not be worth it after all. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another retailer declaring a special dividend. let's send it over to kayla for a quick market flash. >> that retailer is guess. that dividend came amid a lackluster quarter for the company. it beat on the top line but missed on the bottom line. it lowered guidance for next year a
FOX Business
Nov 28, 2012 1:00pm EST
for medicare, you might know it only covers about 80% of yr part b medical expenses. the rest is up to you. call now and find out about an aarp medica supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help pay some of the difference. and could save you in out-of-pocket medical costs. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are networks, and you never need a referral to see a specialist. so don't wait. call now to request a free decision guide to help you understand medicare. and which aarp medicare supplement plan might work best for you. there's a range to choose from, depending on your needs and your budget. and they all travel with you -- anywhere in thcountry. best of all, you'll be joining the millions who have already enrolled in the only mecare supplement insurance ans endorsed by aarp, an organization serving the needof people 50 and over for genetions. ♪ remember, all medicare supplement insurance plans help cover some of what medicare doesn't pay. an
FOX Business
Nov 28, 2012 11:00am EST
've got a nice long life ahead. big plans. so when i found out medicare doe't pay all my medical expense i look at my options. then i got a medicare sulement insurance plan. [ male announc ] if you're elible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now andind out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance coany. it helps pick up some of what medica doesn't pay. and could save you thousands in out-of-pocket costs. to me, relationships matter. i'veeen with my doctor r years. now i know i'll be able to stick with hi [ male announcer ] with these types of plans, you'll be able to visi any doctor or spital thatccepts medicare patients. plus, there are no networks, and you never need a referral to see a specialist. so don't wait. call now and request thisree decision gui to help you better understand medicare... and whh aarp medicare supplement plan might be best for you. there's a wide range to choosfrom. we love to travel -- and there's so much more to see. so we found a plan t
CSPAN
Nov 28, 2012 1:00am EST
he calls painful topics, including medicare and medicaid. he was at the center for american progress for about 45 minutes. >> good morning, everyone. thank you for being here. i am the president of the center for american progress. we are thrilled to have senator durbin here today to talk about his views on the fiscal cliff. as we engage in this debate, i wanted to lay out a few principles that are critical as washington becomes obsessed with this set of issues. the elections have consequences. at c.a.p., we have argued that the issues that are really framing the fiscal debate and fiscal cliff were ones that were litigated in the election context. the president did not have one set of conversations before november and a second set now. there was a thread going through the debate that the country was having and that thread was around having a balanced plan to address america's fiscal challenges. there are serious fiscal challenges that we do need long term -- deficit reduction -- that is important to america's credibility. it is important for america's economy and economic growth. tha
FOX Business
Nov 28, 2012 7:00pm EST
average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to ovide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ ♪ lou: focus nationwide is on the fiscal health of the federal government, but balancing the budget is not just a federal problem, and new rankings of this week shows some of our so-called blue states are awash in red ink. tonight we thought it would be interesting to take a look at three of those states, three of the biggest with the biggest problems. number one, of course, california. we want to credit 247 wall street just naming california and the worst run state in all of the country. for a second year row. way to go. one of the reasons is the unemployment rate, a pretty impressive. 11%. the second highest rate in the country. 2006 and last year. more than a third. and 16 percent of the
FOX News
Nov 25, 2012 11:00am PST
for something nice and easy? a medicare advantage plan can give you doctor, hospital and prescription drug coverage all in one plan... for nothing more than what you already pay for part b. you'll also have the flexibility to change doctors from a network of providers dedicated to helping you stay healthy. call now to learn more. unitedhealthcare has the information you need so you'll be better prepared when making medicare decisions. maybe you'd just like help paying for your prescriptions. consider a part d prescription drug plan. it may help reduce the cost of your prescription drugs. remember, open enrollment ends friday, december 7th. call unitedhealthcare to learn about medicare plans that may be right for you. >> chris: for all of you who survived black friday, here's something new to worry about. christmas is one month from today. a week after that, if nothing gets done here in washington, we all go over the fiscal cliff. what does that mean for shoppers and investors in the final days of 2012? we turn to matthew shay, president and c.e.o. of the national retail federatn and from n
FOX Business
Nov 20, 2012 7:00pm EST
achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality ofare and service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male annncer ] humana. ♪ ♪ lou: benghazi, a lot of people are forgetting, pushing in out out of their mind or some organizations don't pay attention. we will take extra time to refresh ourselves on the timeline of a cover-up. it began september 111 hour before 9:40 p.m. private securityyin benghazi in first calls for assistance came made calls on cellphones and in at precisely that time. at 11:00 p.m., unarmed drone drone arrived to provide real-time intelligence to tripoli and washington broke 12 '07 a.m., the 12th they announced that she react claimed responsibility for the benghazi attack with devours they knew they had real-time surveillance and real-time video and a declaration of responsibilit
FOX Business
Nov 27, 2012 9:20am EST
to talk about social security, medicare, medicaid in any sense of the word. stuart: i just got numbers from medicare trustees. we have to pay out for medicare 42 trillion dollars in the future. we don't have that money. that's the unfunded liability of medicare. and the democrats won't go anywhere near cutting it or reforming it and so far we've not really heard from the republicans, what they would do with it. >> when you heard from paul ryan during the campaign again, he had no back-up. you have to sell these policies to people. you have to explain them in a way that resonates and they can see my daily life looks like this, this is how it is going to be impacted, this is how my children and grandchildren are going to be impacted. these government programs are not going to be here unless there's reform. stuart: can you get elected if you say i'm taking this away? >> i think you can get elected if you articulate it properly, do the outreach, do the marketing. the republican party did not take marketing 101. charles: ryan and romney seemed intimidated about saying we may take away your
FOX Business
Nov 21, 2012 3:00pm EST
helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ cheryl: still not sure what to get the kids or the grandkids for the holidays? one thing all the kids are looking for are the hottest footwear on the market right now. osiris skateboarding shoes. joining us now in a fox business exclusive from san diego, tony chen. founder and president. are you looking for a big holiday sales pop? from what i'm hearing, the kids are going crazy over your shoes. >> yeah, obviously the holidays are a great time for us and shoes make a great gift. hopefully it will go well. with the recent hurricane, don't know how well the east coast will be but many retailers say sales should have a little bit more than last year. cheryl
FOX Business
Nov 23, 2012 11:00am EST
if democrats put entitlement reform on the table. medicare, medicaid, social security. there's a major effort by labor unions opposing that effort taking out advertising in states in missouri, pennsylvania, virginia, and elsewhere targeting members of congress to oppose any type of entitlement reform or changes. the group, in a statement says, elected officials from both parties need to listen to the will of the voters and focus on rebuilding the middle class and strengthening our economy by investing in jobs, not cuts. on the other side, conservatives say it's not a game changer because from unions, this is really nothing new. >> the fact they are publicly saying what they have been privately saying is helpful the american people understand where obama's intransigence comes from, but nothing's changed. >> they negotiated details this week of the grand fiscal cliff compromise that democrats and republicans hope to reach. lawmakers back in town neex week, and there's a meeting loosely scheduled in the white house against top democrats and republicans in congress with president obama. dagen? da
FOX Business
Nov 23, 2012 12:00pm EST
national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he n worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. cheryl: the market closing in, stock for you right now. we are hitting a 52 week high on news they are buying a 40% stake of an italian chain of stores, paid $50 million for that with an option to acquire a majority stake in coming years for a total of up to $200 million. in the last year the stock up 45%
CSPAN
Nov 27, 2012 8:00pm EST
are excited. there has been a lot of work on the fiscal cliff. we have talked about medicare savings that can strengthen the program and address rising national health expenditures. we will have more to say on the issue of texas. we are ecstatic to have senator dourban here today, who has played a fundamental role over the last several years. he has been part of every negotiation that has taken place. he is still an optimist. that is a sign of progress. he has had a long history of being a champion an advocate for the middle class. he has carried that advocacy in the budget negotiations. he was part of the supercommittee, the gang of eight, the gang of six. he has been a fighter for what is right for having a plan that stands true to the values of the american people and the people who voted and waited in line for hours on and to vote. they wanted a fair shake out of washington. as a champion of that fair shake, i am excited to have senator dourban. >> thank you very much for those kind words. it is good to see you. thank you for the center of american progress for the work you do. elections
CNBC
Nov 26, 2012 4:00am EST
and cutting on programs like medicare. but both sides saying they're willing to compromise. >> you have to raise additional revenues. there are ways of doing that. >> republicans always put revenue on the table. democrats always promise to cut spending. we never cut spending. what i'm looking for is more revenue for entitlement reform. >> the house speaker has called for a short term fix to overt the fiscal cliff so congress can work on a bigger deal in 2013. they naed to cut out a package that includes revenue hikes and spending cuts by the end of the year. >> americans have been out shopping early and often. almost 140 million kmers hit the stores or shopped online between thursday and sunday. that's up 6% from last year. >> almost a quarter billion shoppers will have been online or in stores. shopping started earlier than ever and in spite of the employee protests, the early opening paid off. according to the national retail federation, more than 35 million shopped on thanksgiving. black friday was big, too, 89 million braved the crowds in search of those hard to beat par begins. up
CSPAN
Nov 27, 2012 7:00am EST
. these people want to go around saying obama, obama wally is cutting your social security and medicare in your home deductions are really happy. we are not in this for nothing. nobody cares about us because we want to be so proud of president obama. and let him defund social security. the democrats have no intention of ending the debt ceiling now, because they want to give away more democratic priorities. we hostages. when the republicans have not given anything yet, that is what you get here you get your priorities cut. because you did not say a word. so sit back in your house and yelled obama, obama while he takes all of the food out of your mouth. host: let me echo some sentiments your efforts to facee spending resistance. the two senators, the story often notes that this is what they would like to see from the president. they want him to start negotiations at a one-one ratio. putting them in line with many in the parties that want to see a harder line taken by democrats. some advocating going over the fiscal cliff. democratic caller, mary, what do you think? having delivered the cliff and
CNBC
Nov 26, 2012 4:00pm EST
security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but not social security? what exactly are we talking about? >> as jay carney said, social security is not a driver of of the deficit. we need to focus on what has created the problems we're facing. those are rapid growth and health care costs and tax cuts for the very wealthy, which the nation can't afford. >> i get t
FOX Business
Nov 21, 2012 11:00am EST
achieve the highestverage star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... ich means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ >> and 22 minutes past the hour, i have your box is minute. a un agency claiming israeli literary dropped on gaza. many fearing it is a prelude to a ground invasion. attempts to broker a cease-fire further complicated by a terrorist attack on a bus in tel aviv this morning that wounded 22 people. secretary of state hillary clinton making her move to the middle east. clinton sitting down earlier with egyptian president. this following meetings with israeli prime minister and palestinian president. the taliban claiming responsibility for an attack near afghanistan that left two afghan guards dead. fox news learning the bombers meant to target the base, but were spotted by secu
CNBC
Nov 27, 2012 12:00pm EST
shouldn't want to have medicare and medicaid and social security, the big entitlement spends as part of the discussion. he should they should be decoupled from it. listen to what durbin said a few minutes ago. >> i think we should take social sure security off the table for the fiscal cliff and discussion but be honest about what you achieve in the near term. >> scott, let me tell you what he's doing here. what we look at is a negotiating tactic in which democrats are saying, wait a second. we'll use the political advantage right now and take it off the table and see how republicans respond. later in the debate if the democrats need to cave in they can from a position further to the left of where everyone thought they might be going into this negotiation. that will end up up closer to something more comfortable for them, but i think everyone expects if there's a deal on the fiscal cliff, it's going to have to include at the end of the day medicare, medicaid, social security reforms. what dick durbin is saying here is he and progressives, that is, liberals on the left, do not want to
CNBC
Nov 28, 2012 12:00pm EST
about political fundamentals. >> tony or jared, why -- why are entitlements, social security, medicare, everything else. why do the democrats keep holding firm on the fact that needs to be separate from any negotiation on spending. harry reid said it against yesterday, the president doesn't seem to be willing to accept this as part of the grand argument that we're trying to settle? >> i think the president is there. i think the president is willing to bring entitlements into this discussion. i know that the troops are not all lined up on that, and they should be, and hopefully they will be, but i know the president is willing to bring medicare, medicaid, probably not social security, to the table. so i think -- >> you have to bring it all the to the table, but we're not ready for that conversation. we'll know it when the president does an event like this, and he is talking in fact about entitlements. frankly i would like to see all on the table, including social security and the new health care entitlement program. they all contribute to our long-term fiscal health, and so they should
FOX Business
Nov 26, 2012 1:00pm EST
with a real solution that addresses the long-term problems that we're facing with medicare, social security, those are the two tidal waves coming at us when he says do the arithmetic, that is where the big numbers are, tracy. tracy: agreed. somebody has to give somewhere. where are you willing to give a little as far as tax reform goes because we're not going to see a new internal revenue code before the end of the year. we have to work with what we have. where can you budget little? >> we had a couple of dry runs the last couple of years. it is time for people to come together and do the major solving of the problem, which is deal with entitlements, deal with medicare and look at this health care law, that should be on the table as well. the amount of money that will be put forward in terms of people with incomes up to $90,000. this country cannot afford that. tracy: quickly, i have 10 seconds, no you also sponsored a bill to get the keystone xl pipelines going again. where do we stand on that? >> 18 of us, not republicans, nine democratnot democrats sento the president to approve the pipe
FOX Business
Nov 27, 2012 3:00pm EST
that medicare will no longer reimburse them for hospital infections, meaning the incentive is now there for hospitals to clean up their act. >> you know from the past i have not been the biggest fan of all the healthcare provisions, but like everything, there's the good with the bad. one of the great provisions i think they put in this bill, and we are selfishly uniquely poised to capitalize on this, hospitals will no longer be reimbursed and need to report on the healthcare related infections. it is getting much greater scrutiny which will be better in reducing costs and improving care. liz: you are in hca hospitals? >> yes, we are. liz: why isn't everyone getting signed up with this product? >> it is just getting cleared -- just cleared in california. just bringing to market right now. just got into a big ambulance system in tennessee this morning. liz: i have to ask you a question, doctor ties as in the ties they wear as they bend over a patient, the 20th patient of the day and that tie has some type of infection on it in many cases, isn't that a root of the cause of these infe
NBC
Nov 27, 2012 4:30am PST
trying to keep medicare and social security afloat. >> there's going to come a point in time we can't borrow any more money and interest rates will skyrocket. >> this congress is one vote away from avoiding the fiscal cliff. >> reporter: one vote with key players still far from agreement. no word on when the next white house meeting might take place. tracie potts, nbc news, washington. >>> 4:46. cyber monday sales soar and the s&p ends a five-day winning streak. for more on that and the rest of our news before the bell, we turn to bertha coombs live at cnbc world headquarters. good morning, bertha. >> reporter: good morning. the futures right now are flat. stocks took a little bit of a step back on monday. the s&p snapped a five-day winning streak. investors are still cautious, watching what's going on in washington with the budget talks as lawmakers try to aindividual the so-called fiscal cliff due at year end. stocks came off of their lows on news that european leaders reached a deal to cut greece's debt. that's giving a little bit of a boost to stocks in europe. today we'll get d
PBS
Nov 27, 2012 4:30pm PST
is that there is deep disagreement over whether entitlement programs like social security and medicare should be on the table right now or not, and the disagreement is sharpest over social security. darren gersh takes a look at why. >> reporter: the number-two man in the senate democratic leadership argues any fix for social security's finances should come after the immediate challenge is out of the way. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to cover the benefits it pays out. social security makes up the difference by cashing in special treasury bonds it holds in its trust fund. but conservatives point out the money to redeem those bonds comes from taxpayers. >> it is money that is coming out of general revenue that is going into social security that reduces the amount of revenue that is available for everything
CNBC
Nov 27, 2012 9:00am EST
? some down payment. the second act is some clear indication of what to do with medicare and defense stocks. they have to give a clear indication otherwise there's going to be some kind of credit downgrades in the months going into 2013. how about the greek deal? i fell out of my chair. this is a default in all but name. look at this. an extension of the loans for 15 years. 15 years. $245 billion of loans. deferral of interest payments for ten years. deferred for ten years. and a reduction in interest rates. imagine this. you have a 30-year mortgage at 3%. now instead of a 30-year mortgage you have a 45-year mortgage. instead of 3% you're paying 2%. how about no interest payments for the next ten years on your 30-year mortgage? that's the deal the greeks just signed. it's staggering because what's happening here is don't call it a default. it's not a default. it's a restructuring. the fact is this is the first step on forgiveness of the debt. they're not officially forgiving any debt. don't say that. they'll freak out on you. the fact is that the next step from here is going out into
CNBC
Nov 27, 2012 5:00pm EST
weeks in the negotiations is means testing on divs, means testing on social securities and medicare and this means testing rage that is part of the negotiations that people are going to really start to look at. >> in your entire career can you remember a time when the entire market day really hangs on the government? what the government is going to do taxes, spending, policy? is there an end to it? do you see anything in terms of resolve? >> you have been saying this. it is scary because every month it seems like the markets hang on whether it be european risks or u.s. risks. the one good thing i can say about the market now is if you look at the last five selloffs more than 3% of the s&p over the last two or three years. my risk indicators have been much higher, in other words, systemic risk indicators. the european systemic risk is much lower this time. back in june if you looked at investment grade bonds in europe versus the united states they were massively under performing. financials like the big banks in the united states in june when we were down 10% massively under performi
FOX News
Nov 25, 2012 3:00pm PST
drives the deficit obviously is the spending on entitlements. medicare, medicaid and social security. we can't fix this by attacking discretionary spending. it's easy. it's convenient, no one argues. but with political leadership we need specificity. we ought to get a downpayment that gets us into next year and then have a thoughtful discussion about how to make the tax code competitive. lower the tex rate and broaden the base and do things that help us grow. we're talking about 70% of the economy is consumption. if they start to save and people aren't spending when we need them to spend, so going over the fiscal cliff without a barrel, it would be a disaster and people that talk about we could do it and it wouldn't be a bad idea, it would be a terrible idea and we would be back in recession, consumers wouldn't spend. big mistake. >> chris: we have less than a minute left. if we get a deal and it's a solid deal, how much of a boost would it be to the markets? how much pentup demand? how much would you capital that's been sitting on the sidelines? i'm asking what's the upside here? >> i t
CNBC
Nov 21, 2012 6:00am EST
it doesn't do is address medicare. and yet the ryan compromise is on the table. so those are the things i would start with. but importantly, just having an expense reduction and trying to rein in our deficit isn't going to solve any of our future problems, and certainly not entitlement. you've got to create a growth commission. and what the growth commission would do is to determine what is needed, what are the -- what's the environment needed to cause our gdp to grow at 3% to 4% instead of 1% to 2%. and they would address things like tax reform, education, immigration, all things that effect the economy. thirdly, there's $1.5 trillion overseas as we know on corporate balance sheets that's not going to come to the united states unless we allow it to come at less than 35% tax rate. what i would do is have a 10% surcharge to bring that money back home. >> is that a one-time holiday? >> i'll get to that. and that would bring in immediately $100 billion to $150 billion which should only be used to reduce the deficit. but i would then permanently put in and tell the growth commission comes out
CNBC
Nov 27, 2012 6:00am EST
of legislation. >> medicare alone is 42 trillion unfunded. social security 20.5 trillion. and then you add the 16 that we know about to that. none of these are in black and white those first two that i mentioned. you add it all together, 86.8. >> a lot depends on what happens to medical care. i mean, one thing that could change these estimates tremendously, find a cure for alle alzheimer's. you'll change the estimated how much spending you have to do. if you think over time, many of these forecasts long term forecasts assume no fundamental powerful change. >> find a cure for cancer and everybody livesoff 100. >> but alzheimer's is a very expensive disease. >> but anything that extends life in an expensive way will be -- net i don't think it's cheaper. >> these budget problems are fixable problems that the united states has decided not to fix. this is the decision we're making through our political process. the decision is we're just going to fix it enough to get by another year. we're not going to fix on a grand bargain basis. >> will it pay if we get little bargains over the next ten years? is t
CNBC
Nov 26, 2012 7:00pm EST
to entitlement reform and opposed to any reduction in medicare and social security, but i want to ask you about another spending issue. originally, initially, we were supposed to have an across-the-board budget cut called the sequester of $1.2 trillion over ten years. where's that's gone? that's about $100 billion a year. i'd say that would be a pretty good down payment on deficits and debt. what is getting my goat. everybody is talking revenues. what happened to the skywester? >> that's right, and there's $750 billion yet to go on that based on what we've done so far. and i think the president will have a tough time getting through the republican house and republicans in the senate if in fact you don't have equivalent numbers to that in terms of the discretionary cuts? sequester is not a good idea, but sequester's a great idea versus no spending cuts whatsoever. >> right, there you go. originally some people were say saying 3 to 4-1, spending cuts to revenue increases. $1 of spending doubts $5 of revenue increases, they got the whole thing backwards. basically what i wanted to ask you on this
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